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BFCSA: Credit Suisse’s C.E.O. Is Called the ‘Teflon Man’ or Al Capone incarnate?

Posted by on in Corruption Exposed
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The bank which built a substantial business packaging sub-prime mortgages into securities and selling them to investors, paid $885m [2014] over charges that it had sold those sour mortgages "that fell short of agreed-upon standards", is now the first very large bank to be criminally convicted in decades!

"Did not preserve evidence related to the wrongdoing. Did not take certain important steps, which later hindered the American investigation", the Justice Dept. said. 

Senator Levin told Mr. Dougan, CEO of Credit Suisse, 'that the wrongdoing went beyond a small group of rogue bankers.'

 

After years of declining to charge big banks prosecutors are now seeking to criminally punish the banks without putting them out of business & wreaking havoc on the financial system.

With a quiver in his voice, the bank's lawyer urged prosecutors to settle for a so-called deferred prosecution agreement.

'Please don’t do this! Please give us a D.P.A.' His entreaties fell flat.

"This case shows that no financial institution, no matter its size or global reach, is above the law," he said in a statement on Monday about Credit Suisse's guilty plea."---The United States attorney general,Eric H. Holder Jr.,

 

Struck with the Justice Department 

 

 

Credit Suisse pleaded guilty to one count of conspiring to aid tax evasion
 

It admitted that its bankers enabled clients to illegally evade American taxes over many years.

Also signals a shift in federal prosecutors’ approach to Wall Street 
 

Eric H. Holder Jr., the United States attorney general, held up the conviction as evidence that large banks are not too big to prosecute.

“When a bank engages in misconduct this brazen, it should expect that the Justice Department will pursue criminal prosecution to the fullest extent possible, as has happened here,” he said. Credit Suisse has agreed to pay $2.6 billion to various agencies. 

 

The chief executive of Credit Suisse, has always been something of an anomaly on Wall Street---Like Lloyd C. Blankfein at Goldman Sachs and Jamie Dimon at JPMorgan Chase, Mr. Dougan is one of the few Wall Street chief executives who still hold their jobs more than six years after the crisis, said "

“We deeply regret the past misconduct that led to this settlement..”
 

It admitted that its bankers enabled clients to illegally evade American taxes over many years. The conviction will prompt shareholders, regulators and politicians to ask some uncomfortable questions.

One is whether senior executives like Mr. Dougan should bear some responsibility for the bank’s tax-related wrongdoing. 

And after Swiss banks started to come under scrutiny around 2007, Credit Suisse did not take certain important steps, which later hindered the American investigation, the Justice Department said. 

Apart from the tax case, Credit Suisse has been no stranger to scandal and excess during Mr. Dougan’s time at the firm.

Like other banks, Credit Suisse built a substantial business packaging subprime mortgages into securities and selling them to investors. This year, the bank paid $885 million over charges that it had sold mortgages that fell short of agreed-upon standards.

Senator Carl Levin [@Congressional hearing Feb. 2014] told Mr. Dougan that the bank had apparently still not recognized the extent of the activities. 

“It’s important that if you’re going to really be a reformed bank, that you’ve got to acknowledge what is clear in our report, that the wrongdoing went beyond a small group of rogue bankers,”   Mr. Levin said.

http://dealbook.nytimes.com/2014/05/19/credit-suisses-guilty-plea-casts-a-spotlight-on-the-banks-teflon-leader/

Credit Suisse’s Felony Plea

Credit Suisse has done what no other bank of its size and significance has done in more than two decades: plead guilty to criminal wrongdoing, DealBook’s Ben Protess and Jessica Silver-Greenberg write. “In a sign that banking giants are no longer immune from criminal charges, despite concerns that financial institutions have grown so large and interconnected that they are too big to jail, federal prosecutors demanded that Credit Suisse’s parent company plead guilty to helping thousands of American account holders hide their wealth,” they write.

http://dealbook.nytimes.com/2014/05/20/morning-agenda-credit-suisses-felony-plea/?

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  • doyla66
    doyla66 Friday, 23 May 2014

    Wonders will never cease! Criminal prosecution? At last the punishment may yet fit the crime?
    But when are governments going to understand: Criminal prosecution applies to individuals within the organisation for their part in the wrongdoing. In the case of Credit Suisse, that could mean a CEO or Executives feeling the reality bite of time in a prison cell. The whole Bank wouldn't be jailed so they could still conduct business, surely. Failure to prosecute those responsible for permitting or promoting widespread criminal conduct weakens the entire country's respect for the Law.
    The same applies in Australia, UK, Ireland and Iceland.
    Then those who declined to prosecute should have to answer for their failure as well. They're guilty as well.
    Did not preserve evidence related to the wrongdoing. I wonder what they'd think of our Banks who can repossess an elderly couple's home even though the Bank couldn't find their paperwork for the Court case!!
    Not to mention the ASIC approved destruction of original evidence of Bank and lender wrongdoings. I hope ASIC wake up one day and realise what an incredibly stupid idea that was and hang their heads in shame at being completely led astray and duped by their Bankster mates. That ASIC rule should be rescinded right now.

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